EC congratulates Gyurcsány, calls for convergence program

Barroso said he counted on Gyurcsány's support in EU affairs in the future, such as Brussel's attempt to make the benefits of EU enlargement two years ago long-lasting and to deal with the challenges of globalization. The European Commission will do its most to support Hungary on a path of reforms, Barroso said. The European Union's statistical office published data on Monday, showing Hungary with the largest fiscal deficit at 6.1% of GDP and public debt at 58.4% of GDP last year, after deducting allowances for the costs of pension reform, which lowered the fiscal deficit by 1.4% of GDP and public debt by 4.0% in 2005, according to the EU statistics. The European Union on Monday renewed its call on Hungary's next government to present a credible convergence program to cut the bloated budget deficit. EU finance ministers have given Hungary until September to submit a revised plan on lowering the budget deficit to below 3% of gross domestic product. Hungary has committed to lowering its deficit below 3% of GDP in 2008, which is crucial for its goal of adopting the euro in 2010.

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